Blog

On March 27^th, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), was approved by Congress, to afford massive relief for those suffering as a result of the Coronavirus pandemic.

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We wanted to reach out to you in this time of uncertainty and all of us at BEI hope you and your family are well, during this unprecedented time in our nation and world. We understand that the demands of running your business and taking care of your employees are first and foremost on your mind.  And that your defined benefit plan or cash balance plan may not be on your mind at this time, but we are just looking ahead and want to bring you this information.

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The Internal Revenue Service (IRS) has announced that several contribution limits in qualified retirement plans will increase in 2020. This guidance provides cost of living adjustments affecting dollar limitations for 401(k), Profit Sharing and Defined Benefit pension plans and other retirement-related items for tax year 2020.

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Having had the opportunity to work with over 1000 employers throughout my career I’ve known first-hand that many employers are under the impression—or have enough experience to know—that retirement plans are a legal entity that must be handled by professionals. Some have chosen to leave their retirement plans on “auto-pilot” only to learn later that it was not handled correctly.

What is the best choice and how should a business owner view and select a company-sponsored retirement plan?

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An IRS ruling in August 2019 (Rev. Rul. 2019-19)  addresses when a check from a qualified retirement plan is mailed to a former employee, the amount is considered taxable income in that year, whether or not the employee cashes the check.

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